Thursday, July 30, 2020 4:15 AM EDT
EURUSD Yesterday’s chart analysis
Yesterday the price found more buying strength to move up and close above $1.17700.
We have a steep uptrend channel that is driving the price up. Since yesterday’s analysis, the price has formed a few bullish candles.
One bullish candle has formed right on the confluence level and could not close above $1.17700. The second candle was a bullish Pinbar that formed after making a pullback on $1.17406.
That was a sign for further bullish moves and it was a nice entry point with profit around $1.18000.
Following a few bullish candles have taken the price above $1.17700 and for now, the price is holding on those levels.
EURUSD Chart Forecast
We can see the price created inside the bar on the support trend line of the uptrend channel. We need to see what will happen on this level.
Is the uptrend channel line strong enough to support the price reaching new highs and pushing the price to $1.18500?
The price is making new highs with small bullish candles. There are no strong candles that would show bullish strength, but small candles are enough to drive the price up.
The next resistance level is $1.18500 where the price could stop. The $1.17406 is a new resistance level that will hold the price from falling down.
Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By ...
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Disclaimer: Any Advice or information is General Advice Only – It does not take into account your personal circumstances, please do not trade or invest based solely on this information. By Viewing any material or using the information you agree that this is general education material and you will not hold any person or entity responsible for loss or damages resulting from the content or general advice provided here by author. Futures, options, and spot currency trading have large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with money you can’t afford to lose. This is neither a solicitation nor an offer to Buy/Sell futures, spot Forex, CFD’s, options or other financial products. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed in any material provided by this author. The past performance of any trading system or methodology is not necessarily indicative of future results.
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